This study investigates the differences between family angels and other informal investors in Norway. We employ a portfolio framework as the vehicle for comparison, along with an ad hoc component of involvement. The underlying thesis is that the actual behavior of the investors in Norway should reflect their investment philosophy—at least on a differential basis. The results suggest that family angels differ from other informal investors on several grounds. Family angels have different investment behaviors than other informal investors and they differ somewhat in their exit preferences.
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